St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-03-19
BALTIMORE & OHIO.
Alleged Completion of the Neg Otia-
tions for ats purchase.

BALTIMORE & OHIO.
Alleged Completion of the Neg 0tia.
ti0ns for ats purchase.
NEW YORK, March 1S.-Late to-day the
statement was given out, apparently by
authority, in Wall street, that the negotia-
tons for the purchase of the Baltimore &
Ohio Railroad company had been completed;
that the road had been bought by the Stay
nor-IyeS syndicate; that the first deposit of
$500 900 had already been paid and that
the transfer OF the road to the purchasers
would soon be made. The buyers are
known only by their connection with the
purchase of the Cincinnati, Hamilton &
Dayton Railroad\company. The hacker of
these parties is reported to Christopher
Meyer, the millionaire rubber manu-
facturer, of this city. There are, it
is said. no other parties back of the pur-
chase of any importance, and although G.
p. Huntington's name is coupled with the
Hamilton 4 Dayton railroad, he officially
denies the connection, and those near to
him assert to their personal friends that he
has no connection whatever with the syndi-
cate. The parties holding the option of
the road at first asked all eXtention. but
when Mr.. Garrett explained that such
large stock could not remain tied up they
withdrew their request. A prominent
member of the Richmond Terminal makes
the following statement: The rumors of
diSsension III the board of directors are abb
solutely unfounded and the utmost
confidence in President Sully prevails among
the members. The executive committee
recently appointed was intended to, and
does, harmonic all elements represented in
the board" He made the further state
ment that it was through Mr.. Sully that
the company was freed from all entangle-
ment: that it was enabled to acquire the
Richmond & Danville stock, of which more
than AZ, 600 shares out of its issue of so, 600
shares are now owned by the Terminal COM
pany. and that it was owing TO his efforts
that the control of the East Tennessee had
been acquired. So far from any evidence
of disaffection or discomfort being mani
Tested by the stockholders, the warmeSt eX-
pressionS of confidence in the present are
constantly received.
FOR THE FIRST TIME
since the Baltimore IL Ohio deal has been
pending Mr.. Sully to-day broke his silence
so far as to say:
Yes, l see that other parties claim to have
purchased the control of Baltimore Ohio.
l think they have q deposit on account.
Whe the Terminal company decided not to
Ohio people that while we unanimously
desired to combine our terminal properties
with the L a timore & Ohio, yet we could not
ask them to consider themselves in any way
bound to leave the matter open. Therefore
II any disposition has been made it is per-
fectly proper aid right. / believe the ANAL
gamation of dividend earning railroads into
strong systems cannot but add Streng TIL
power and increased earnings, with
resulting economies. If each separate
CnlF tt,tv,
ducine then combining their traffic must add
to the strength and net earnings of each part
provided, of course, that the natural laws
governing their traffic favor such combina-
tioE. The experience with railroads in Great
Britain indorses the wisdom of combining
railroads into systems. Although protected
there by the necessity of having special
charters for the construction of new roads,
yet those built have passed competitive wars
such as have depleted those of the United
States. Finally they have
FOUND THEIR SALVATION
1t being massed into systems. In my opinion
all the roads of any note in the United States
within the next twenty years will be com.
Dined into less than twenty great systems
There is nothing in this policy operating
against the interest of the people. The peo-
pie do not want poor, weak emasculated
roads unable TO do business safely. What
the people need is strong, powerful railroads
with the means to furnish the very best ap-
pliances for the safe, comfortable and rapid
carrying of freight and passengers. New Or
leans is clamorous for fast mail service. How
can it be afforded il it must pass over half q
dozen different roads, each having different
interests and naturally varying with each
other. Combine these roads into one system
and you have powerful corporation anxious
to serve the public, create and maintain the
very best service. and thereby derive the best
revenue. L think time will yet bring the Bal
timore & Ohio into the Terminal system The
Terminal company now own 1880 miles Of
road, and an alliance of this road with the
Baltimore Ohio would be of immense value
to that company. as we'll as to the city of Bal
timore.
A loan of SO, 500 600 on Cincinnati.
Hamilton u Dayton stock is repo.ted to
have been made to the syndicate, the money
to be used in payment of the Baltimore &
Ohio stock. All the other roads and tele-
graph officials deny that they have any in
terest in the deal. The purchase is be-
lieved to be for speculative purposes only.
1t is stated that the purchasers are busily
engaged in attempts to raise the balance of
of the first 81 900, 900, which is to be paid
on Monday. 1t is also alleged that they
are mortgaging the Baltimore d Ohio prop
erty beforehand in order to
RAISE THE MONEY,
and that as soon as they can get control dis
liz L
World says: There is every reason to be-
lieve that Henry Grady, of the Atlanta
Constitution, has access to authoritative in
formation as to the arrangement in regard
to the sale OF the Baltimore & Ohio from
influential source OF railroad friends in New
York. and that the following statement.
sent by the New York correspondent to the
Constitution, is based upon the exact facts:
1.-The dickering is done. The squabble is
q over and the Baltimore & Ohio deal is
closed. The trade has been positively
effected. and Mr.. Garrett has decided a con-
trolling interest in his property to new COM
ers. The purchasers are as yet held in pro-
found secrecy, but some names that have
been prominently connected with the re-
cent negotiations are not down on the list.
Mr.. Sully has nothing to do with the pur-
chase, aud does not probably even know of
it as yet. Neither has Mr.. Gould any in
terest in the trade, nor is the terminal
company in its corporate capacity bnyer
but at the same time some of the leading
members of terminal management are in
dividually interested. With regard to